Cliffs highlights cost savings in latest financial results

Cliffs highlights cost savings in latest financial results

CLEVELAND, Ohio — While the company took a loss in 2015, Cliffs Natural Resources has seen some improvement in the numbers over the previous year.

Cliffs announced its fourth quarter and full-year financial results Wednesday morning. The company reports that its fourth-quarter adjusted earnings before interest, taxes, depreciation, and amortization totaled $76 million. Cliffs recorded a net loss of $58 million during the quarter, which is an improvement over the $1.4 billion loss recorded in the fourth quarter of 2014. For the whole of 2015, Cliffs recorded a net loss of $748 million compared to $8.3 billion in 2014.

Officials highlighted production cost savings of 23 percent in U.S. Iron Ore and 40 percent in the Asia Pacific Iron Ore segment this quarter. For the U.S. Segment, Cliffs cited lower employment costs, reduced maintenance and repair costs, and lower energy rates as factors contributing to the savings. Total production volume in the U.S. Iron Ore segment has dropped from over 22,000 long tons in 2014 to 19,317 in 2015.

Cliffs Natural Resources operates the Tilden and Empire Mines in the Upper Peninsula along with other iron mining facilities in Minnesota. Click here for more details on the results.